Persons disqualified: consequencesN.I.
30.—[F1(1) Where a person who is a trustee of a trust scheme becomes disqualified under Article 29 in relation to the scheme, his becoming so disqualified has the effect of removing him as a trustee.]
(2) Where—
(a)a trustee of a trust scheme becomes disqualified under Article 29,F1. . .
Sub-para. (b) rep. by 2005 NI 1
the Authority may exercise[F1 by order] the same jurisdiction and powers as are exercisable by the High Court for vesting any property in, or transferring any property to, the trustees.
(3) A person who purports to act as a trustee of a trust scheme while he is disqualified under Article 29 is guilty of an offence and liable—
(a)on summary conviction to a fine not exceeding the statutory maximum, and
(b)on conviction on indictment, to a fine or imprisonment or both.
(4) An offence under paragraph (3) may be charged by reference to any day or longer period of time; and a person may be convicted of a second or subsequent offence under that paragraph by reference to any period of time following the preceding conviction of the offence.
(5) Things done by a person disqualified under Article 29 while purporting to act as trustee or a trust scheme are not invalid merely because of that disqualification.
(6) Nothing in Article 29 or this Article affects the liability of any person for things done, or omitted to be done, by him while purporting to act as trustee of a trust scheme.
Paras. (7) & (8) rep. by 2005 NI 1